Alterian, the Bristol-based database marketing software group hit by a £4.29m pre-tax loss in April, has announced the immediate resignation of directors Timothy McCarthy, Hugh McCartney and Michael Talbot "by mutual consent".
The board has also announced that deputy chairman Iain Johnston has resigned and will leave his position as a director at the end of the month.
The departures follow a major shake-up of the quoted company’s leadership and are a prelude to changes to be announced by newly-appointed CEO Heath Davies on November 21.
Alterian has replaced both its chairman and chief executive and told the London Stock Exchange at the end of September that, having successfully implemented a range of cost saving initiatives earlier in the year, it is undertaking a major review to examine its positioning in its target markets – and to ensure it has the appropriate level of resources required both to achieve a leadership position and to create shareholder value.
One analyst predicted that the big news would come on November 21 with new directors being brought on board in due course.
Alterian said in its announcement that it would “like to thank each of the departing directors for their contribution since joining the company and wish them every success for the future”.
It added: “In particular the board would like to thank Iain Johnston for stepping in as deputy chairman in April when the previous CEO resigned. A detailed plan has been put in place to ensure the smooth transition of both Michael Talbot and Timothy McCarthy’s roles within the business to existing employees. The board’s review of the business is on-going and the resulting plan for the future of the business, focusing on profit and cash generation, will be announced on or before November 21. Trading across the business remains in line with the board's expectations.”
The company also announced that Canaccord Genuity have been appointed with immediate effect as its sole financial adviser and broker.
